Carbon Felt and Graphite Felt Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Global Carbon Felt and Graphite Felt Market is projected to register a CAGR of over 8% during the forecast period (2021-2026). 

Due to COVID-19, the global economy has affected affecting the numerous industries across the world. The carbon felt and graphite felt market also witnessed its repercussion in terms of both productions, as well as demand from the end-user industries, such as iron and steel, batteries, electronics, and semiconductors, etc.​ In the annual industries survey conducted by JEITA, production by the global electronics and information technology industries was estimated an increase of 2% year on year in 2020 reaching USD2,972.7 billion, and 7% year on year in 2021 to record USD 3,175.6 billion. Despite considerable economic uncertainty around the spread of COVID-19, moves to secure social distancing and realize remote and contactless interaction with remote IT that utilizes the increasing sophistication of 5G and local 5G networks will boost demand for solution services thus boosting the demand for semiconductors and electronics.

• Over the medium term, the major factor driving the market studied is the improved performance of carbon fiber in high-temperature applications.
• On the flip side, the high cost associated with carbon felt manufacturing is expected to hinder the market growth.
• Asia-Pacific region dominated the market across the globe with the largest consumption from countries such as India and China.

Scope of the Report

The carbon felt and graphite felt market is segmented by raw material type, type, application, and geography. By raw material type, the market is segmented into polyacrylonitrile, rayon, and other raw material types. By type, the market is segmented into carbon felt and graphite felt. By application, the market is segmented into heat insulation, batteries, semiconductors, absorptive materials, and other applications. The report also covers the market size and forecasts for the Carbon Felt and Graphite Felt Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD Million).

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Key Market Trends

Growing Demand from Heat Insulation Segment

• The carbon and graphite felts are used in high-temperature refractory insulations because of their flexible properties. These felts are majorly used in vacuum and protected atmospheric environments going up to approximately 30,000° C in temperature.
• Carbon and graphite felt are easy to cut and install; they have low density and thermal mass and have low ash and sulfur content, making them a good insulation material for heat insulation purposes.
• Several industrial activities, like heating fluids, vacuum distillation, or manufacturing of gases, such as ethylene, vinyl chloride monomer, and synthetic gas, have employed process furnaces. Other than these, steel manufacturing is the major industry where a furnace is used.
• Over the past few years, the market for furnaces has experienced lots of changes, primarily driven by energy efficiency and cost reductions. For this purpose, carbon and graphite felts are being applied. The furnaces’ inner chamber is lined up of carbon or graphite felt, to insulate it, thereby saving a lot of capital expenditure in temperature maintenance and energy efficiency.
• According to the World Steel Association, the global steel demand reached about 1.76 million metric ton in 2019, and it was projected to reach 1.81 million tons by 2021, registering a growth of about 1.7%. This indicates the demand prospect prevailing in the global market, which serves instrumental in driving steel production activities.
• According to World Steel Association, global crude steel production in the year 2020 has reached 1,864 million tons, down by 0.9% compared to 2019 due to COVID-19.
• PAN type of felt has higher strength and is not soft. Thus, the demand for PAN type of Carbon and Graphite felt is much higher in heat insulation segments.

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